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From London to Pittsburgh, efforts to contain financial crisis continue

Six months after the London summit, the Group of 20 (G20) leaders will meet again in Pittsburgh of the United States to discuss strategies for tackling the financial crisis and promoting development.

As effective and important platforms for the international community to cooperate in fighting the crisis, the London G20 summit and its predecessor, the Washington G20 summit, were among those most-closely watched international gatherings.

Now many eyes are on G20 leaders to see if they can make new progress in Pittsburgh toward strengthening coordination on macroeconomic policies, reforming international financial institutions, promoting common development and working against protectionism.

EFFORTS BY BOTH DEVELOPING, DEVELOPED NATIONS
 
Since the G20 summit held in London in early April, the international community has agreed to cooperate in tackling the crisis and adopted wide-ranging economic stimulus packages, which have effectively contained the crisis and paved the way for a potential global economic recovery.

In nearly half a year, both emerging and developed economies have taken a variety of measures to alleviate the economic downturn.

Emerging economies, such as the BRIC countries (Brazil, Russia, India and China), have implemented different types of fiscal stimulus policies, aiming to promote investment, expand domestic demand and enhance economic and trade relations with the rest of the world.

Thanks to such measures as tax reduction, interest rate cuts and increasing loans, the BRIC countries have displayed a significant vigor, and they are now being viewed as the most likely forces that can lead the global economy out of recession.

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 Source : Xinhua  Editor: Ivy
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